Indexes fell across the board as the U.S. Federal Reserve prepares to raise interest rates high enough to fight inflation as needed. The S&P; dropped 0.8% to 4,427.18 during midday trading, the Dow was down 1.1% to 34,361.37 and Nasdaq also fell 1.4% at 13,685.39.Crude oil increased 5.6% to $110.55 a barrel.
Gold was up 0.2% to $1,933 an ounce.
The yield on a 10-year Treasury bond rose 6.517% to 2.228%.MEDICAL DEVICESIrvine-based Oncocyte Corp. (Nasdaq: OCX) fell 13% to $1.39 with a market cap of $129 million. In the prior three trading sessions, the shares had shot up 39% from $1.15 to $1.60. A Piper Sandler analyst on March 18 issued a report downgrading the price target to $1.80 from $3.10. Sonendo Inc. (NYSE: SONX) in Laguna Hills was also off 8.4% to $5.86 with a market cap of $153 million. The maker of GentleWave System for dentists, Sonendo will report fourth-quarter results on March 23. Analysts estimate an average revenue of $9.2 million.MANUFACTURING
Foothill Ranch-based Kaiser Aluminum Corp. (Nasdaq: KALU) climbed 4% to $95.61 and a $1.5 billion market cap. Shares of the aluminum manufacturer for aircraft are still off their 52-week high around $141 last May.